When the story of the current Conservative leadership contest is finally written, perhaps it should appropriate the title of that classic chronicle of folly: Extraordinary Popular Delusions and the Madness of Crowds.

A new opinion survey came out Wednesday that suggested Maxime Bernier is in pole position, followed by Tony Clement.

Yet the ink was hardly dry before Clement said he is pulling out of the contest because of what he called “the financial realities.”

Despite the difficulties all candidates are encountering raising money, herds of new entrants are still emerging – MPs Erin O’Toole and Steven Blaney, and former parliamentarians Andrew Saxton and Chris Alexander are all set to announce their candidacy in the coming days.

Former minister Lisa Raitt is still weighing her options and rumours about reality TV star Kevin O’Leary won’t go away.

Even with Clement’s exit, that’s a field of 15 or 16 potential candidates.

What are these people thinking? It seems the only way a number of them will recover their wits and burst the bubble of their own self-delusion is to lose thousands and thousands of dollars of their own money.

Entrants are required to pay a $50,000 non-refundable deposit, of which up to $25,000 can come from their own funds.

Several of the more well-heeled candidates might be able to scramble together the first instalment. But an additional $50,000 compliance deposit is due by the end of the year.

People with a clear-eyed view of the contest — which clearly excludes any of those running — suggest we will see the number of serious contenders whittled down to four or five when the second payment is due.

The consensus from a number of sources is that the only candidates left standing by the time the nomination period closes on Feb. 24, 2017, will be Bernier, Chong, Scheer, Leitch and, possibly, O’Toole.

“This race is not about strategy – it’s about selling memberships,” said one veteran Conservative.

All these candidates will soon learn that lesson

This is a tougher fund-raising environment than even the most prudent campaigners envisaged. One recalled his candidate over-estimated potential contributions by hundreds of thousands of dollars.

“All these candidates will soon learn that lesson,” he said.

Another factor that will separate the wheat from the chaff will be the bilingual debate to be held in Moncton, N.B., in early December.

The suspicion is that many of the supposedly bilingual candidates would struggle to order quiche Lorraine.

Having witnessed Liberal and New Democratic Party leadership hopefuls flop and flounder on-stage during French language debates, it will be no great surprise if several Conservatives concede their inability to prevaricate in Canada’s other official language disqualifies them from the highest office of all.

It’s a mystery why all politicians, almost without exception, believe they are leadership material.

It would save a good deal of embarrassment if they could only see themselves as others see them – in most cases, as the plausible mayor of a modestly sized city in an off year.

Clement will not be the last to see his ambition dashed on the rocks of financial reality.